XAU/USD Current price: $3,107.41

• US President Donald Trump will announce reciprocal tariffs on Wednesday.
• Financial markets remain cautious but fears receded, and Wall Street advances.
• XAU/USD corrective decline set to continue below $3,100 in the near term.

The pair posted yet another record high, hitting $3,149.04 on Tuesday. The risk-averse environment backed the bright metal as market players gear up for tariffs’ announcements.

United States (US) President Donald Trump has been long anticipating a massive levies announcement for April 2, with little detail on the extent of taxes. Market players fear the so-called Liberation Day will include massive tariffs that can affect the global economy. Trump will unveil his plans in a Rose Garden press conference scheduled for Wednesday at 19:00 GMT

Gold changed course after Wall Street’s opening despite the US Dollar (USD) weakening on the back of poor local data. On the one hand, the number of job openings on the last business day of February stood at 7.56 million, according to the JOLTS Job Openings report, pretty much unchanged from the 7.76 million openings reported in January. On the other hand, the ISM Manufacturing Purchasing Managers Index (PMI) dropped to 49 in March, down from the 50.3 posted in February, while missing expectations of 49.5.

Further weighing on Gold price, Wall Street managed to shrug off Monday’s dismal mood and the three major indexes trade in the green at the time of writing.

XAU/USD short-term technical outlook

The XAU/USD pair retreats towards $3,100, as profit taking ahead of major and a better market mood take their toll. The daily chart shows the pair is in the red, yet also that it posted a higher high and a higher low, limiting its bearish potential. The same chart shows technical indicators turned lower, but remain within overbought levels. Finally, all moving averages remain far below the current level and heading higher, with the 20 Simple Moving Average (SMA) currently at around $3,001.00.

The near-term picture suggests the bright metal could extend its slide in the upcoming sessions. Technical indicators head firmly lower in the 4-hour chart, although still holding above their midlines. At the same time, the intraday slide stalled just above a bullish 20 SMA, the latter acting as dynamic support at $3,097.20. The 100 and 200 SMAs, in the meantime, maintain their downward slopes far below the current level.

Support levels: 3,097.50 3,082.90 3,068.90

Resistance levels: 3,122.85 3,136.70 3,150.00

Price Vibrates Within Trend Channels

Is there significance to the day’s high of $3,149 that is supportive of a pullback? That high happens to be near resistance represented by a top parallel trend channel line (blue) and a $3,153 target, The target is the 261.8% extension of the retracement from the February decline (BC). Although the top blue channel line was initially exceeded earlier in the day’s trading session, the subsequent bearish reaction indicates that resistance has been seen around that price area.

The blue channel line represents a rising channel that is the second and shorter of two channels that are outlined on the enclosed chart. The larger channel is outlined with purple lines and the shorter with blue lines. A rising parallel channel can help spot potential support or resistance as a trend progresses higher.

Weakening Momentum

Yesterday, the upper boundary of the larger channel was exceeded to the upside, establishing today’s support level at that line. In other words, prior resistance has been recognized as support, which can be a bullish sign. That advance also triggered a potential bull breakout of the larger channel. It is a potential breakout as it needs to be sustained and followed by further signs of strength. So far, that is not the case and therefore today’s bearish behavior may lead to a failed channel breakout. If the bearish shooting star triggers, initial potential support areas look to be around $3,077 and $3,058.

Bullish Continuation Targets $3,170

There remains a possibility that the larger channel breakout is retained by support continuing around or above the top purple line. However, the breakout of the channel is a sign of potential overbought conditions, along with the overbought position of the relative strength index (RSI). If that is the case then a more specific test of the $3,153 target could occur, gold extends higher towards the next target of $3,170.

For a look at all of today’s economic events, check out our economic calendar.

Copper price was hurt by negative signals from the Stochastic and sent below $5.000, marking some losses and touching $4.9400 before trying to reduce the losses by rushing once more towards the resistance of the ascending channel at $5.0600.

As major indicators currently are conflicted, while the $5.1300 forms as an additional barrier against current trading, the price will likely engage in more negative trading, heading towards $4.9100 and reaching the support of $4.8100, however, a breach of the aforementioned barrier would send the price towards $5.2100.

Expected trading range today is between the $4.9100 support and the $5.1000 resistance.

Today’s price forecast: Bearish

• Silver trades with caution around $34.00 with investors focusing on the release of reciprocal tariffs by US President Trump on Wednesday.
• Trump’s tariffs are expected to shrink economic growth across the globe.
• The USD Index edges higher ahead of the US ISM Manufacturing PMI and the JOLTS Job Openings data.

Silver price (XAG/USD) trades cautiously around $34.00 in Tuesday’s North American session. The white metal continues to face selling pressure above $34.00 since Friday as investors seek clarity over the level of tariffs to be announced by United States (US) President Donald Trump on Wednesday, or so-called “Liberation Day”.

According to the Washington Post, the White House aides have drafted a proposal to impose 20% tariffs on most imports to the US.

The imposition of significant levies by US President Trump is seen as resulting in significant economic shocks across the globe. Such a scenario bodes well for safe-haven assets, such as Silver.

Investors expect that Trump’s tariffs will also impact the US economy, given that the burden of higher import duties will be borne by domestic importers. This has escalated risks of a resurgence in inflationary pressures in the near term. Fears of an acceleration in price pressures have led Federal Reserve (Fed) officials to continue maintaining a restrictive monetary policy stance for a longer period.

Meanwhile, investors await the US ISM Manufacturing Purchasing Managers’ Index (PMI) data for March and the JOLTS Job Openings data for February, which will be published at 14:00 GMT. Economists expect the Manufacturing PMI to have declined to 49.5 from 50.3 in February. US employers are estimated to have posted 7.63 million jobs in February, slightly lower than the prior release of 7.74 million.

Ahead of the US economic data, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades slightly higher to near 104.30.

Silver technical analysis

Silver price struggles to advance its upside move towards the flat border of the Ascending Triangle chart pattern formation on the daily timeframe near the October 22 high of $34.87. The upward-sloping border of the above-mentioned chart pattern is placed from the August 8 low of $26.45. Technically, the Ascending Triangle pattern indicates indecisiveness among market participants.

The 20-day Exponential Moving Average (EMA) near $33.40 continues to provide support to the Silver price.

The 14-day Relative Strength Index (RSI) rebounds above 60.00, suggesting a resurgence in bullish momentum.

Looking down, the March 6 high of $32.77 will act as key support for the Silver price. While, the October 22 high of $34.87 will be the major barrier.

Silver daily chart

Ethereum price edged higher in latest intraday trading after trying to recoup some recent losses, amid the dominance of the main downward trend, as the price trades alongside the trend line in the short term, with ongoing negative pressure due to trading below the 50-candle SMA, coupled with negative signals from the Stochastic after reaching overbought levels compared to the price’s movements, reinforcing the downward scenario.

Copper price was hurt by negative signals from the Stochastic and sent below $5.000, marking some losses and touching $4.9400 before trying to reduce the losses by rushing once more towards the resistance of the ascending channel at $5.0600.

As major indicators currently are conflicted, while the $5.1300 forms as an additional barrier against current trading, the price will likely engage in more negative trading, heading towards $4.9100 and reaching the support of $4.8100, however, a breach of the aforementioned barrier would send the price towards $5.2100.

Expected trading range today is between the $4.9100 support and the $5.1000 resistance.

Today’s price forecast: Bearish

Platinum price was little changed despite a host of positive factors, especially positive signals from major indicators, with the price engaging in sideways trading near $990.00, while being impacted by the formation of $1000.00 as an important barrier.

The price will likely continue to trade sideways, with a potential of some negative waves towards $976.00 and $964, however, a breach of the aforementioned barrier would open the door for more gains towards $1017.

Expected trading range today is between the $975.00 support and the $1000 resistance.

Today’s price forecast: Sideways within an upward path